Barnard College Replaces Manager of $286 Million Endowment — Moving to a socially responsible firm

❝ Barnard College is replacing its money manager, Investure LLC, with another firm that’s able to invest its $286 million endowment in more socially responsible companies.

Strategic Investment Group, based in Arlington, Virginia, will become the fund’s manager at the end of September, Barnard said Wednesday in a statement. Investure, run by Alice Handy in Charlottesville, Virginia, had overseen the school’s investment office since 2006. Barnard is at least the third client to depart Investure in the past three years.

❝ In March, Barnard’s board of trustees voted to divest from energy companies that deny climate change, saying the women’s college, which is affiliated with Columbia University in New York, will “distinguish between companies based on their behavior and willingness to transition to a cleaner economy.”…

❝ In 2014, Investure lost Rockefeller Brothers Fund, which decided to divest from fossil fuel companies. Rockefeller Brothers, which has an $816 million fund, hired a unit of Perella Weinberg that customizes portfolios.

Nice to see University admins with sufficient backbone to stand up for principle and science. Anyone think Congress might follow their lead?